In Nigeria Withholding Tax receipts may be used to offset Company Income Tax.

Under the Companies Income Tax (Rates etc.) of Tax Deducted at Source (Withholding Tax) Amendment Regulation, 2015, the rate of tax deducted under the Companies Income Tax for all aspect of building, construction and related activities (excluding survey, design and deliveries) has been reduced from 5 percent to 2 percent.

The Regulation was made on 17th December 2014 and published in the Federal Republic of Nigeria Official Gazette, No. 7, Lagos-2nd January 2015, Vol. 102, Government notice No. 4.

The content of this article is intended to provide a general guide to the subject matter. Specialist advice should be sought about your specific circumstances.